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Banking Interpretations

NYSBL 96(1) and 200

December 24, 2004

Dear [                   ]:

This is in response to your letter, dated December 22, 2004, wherein you have requested that I take a no objection position with respect to the issuance and sale by the [                                            ] of equity linked deposits and notes. Equity linked deposits and notes provide investors with a return based on the change in certain equity indices. Your letter indicates that equity linked deposits sold to retail investors will guarantee the repayment of principal and equity linked deposits and notes sold to institutional investors or high net worth individuals may have a portion of principal at risk.

This is to inform you that the New York State Banking Department has no objection to [                 ]engaging in the above-described activity, which is within the powers of a New York State-chartered bank.

Sincerely,

Sara Kelsey
Deputy Superintendent & Counsel

cc: Michael Lesser
Deputy Superintendent
Large Complex Banks Division